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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (211,337) $ (307,153)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 30,865 31,731
Premium on marketable securities (135) (71)
Amortization of discount on marketable securities (3,491) (7,570)
Depreciation expense 647 654
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 3,082 4,505
Collaboration receivable - related party 73,066 (1,430)
Other long-term assets 248 (2,119)
Right-of-use operating asset 3,238 2,972
Operating lease liabilities, current (3,754) 82
Operating lease liabilities, non-current 0 (3,488)
Accounts payable (1,668) (9,566)
Accrued expenses and other liabilities (9,030) 6,253
Net cash used in operating activities (118,269) (285,200)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 398,986 630,452
Purchases of marketable securities (259,936) (389,655)
Purchases of property and equipment 0 (337)
Net cash provided by investing activities 139,050 240,460
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 1,585 4,156
Payments of offering costs (117) 0
Proceeds from public offerings of common stock, net of commissions and underwriting discounts 8,163 0
Payment of employee tax obligations related to vesting of restricted stock units (3) (637)
Net cash provided by financing activities 9,628 3,519
Net increase (decrease) in cash, cash equivalents and restricted cash 30,409 (41,221)
Cash, cash equivalents and restricted cash at beginning of period 72,324 163,969
Cash, cash equivalents and restricted cash at end of period 102,733 122,748
Supplemental disclosure of non-cash operating activities    
Purchases of property and equipment included in accounts payable $ 0 $ 36